The Kirschner wire Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Kirschner wires, also known as K-wires, are thin surgical wires made of stainless steel or titanium that are used to hold fractured bones in place during healing. They pass through the skin and underlying tissues and directly into the bone above and below the fracture site.
The Kirschner wire market is expected to rise during the forecast period owing to the growing incidence of bone fractures and rising number of orthopedic surgeries. According to the National Center for Biotechnology Information (NCBI), over 7.9 million fractures occur annually in the United States, with costs associated with fracture treatment totaling over $19 billion. Furthermore, the growing geriatric population is also expected to aid market growth between 2024-2031. According to the United Nations Population Fund (UNFPA), the number of people aged 65 years or above is projected to grow from 703 million in 2019 to 1.5 billion in 2050 worldwide. Aged people are more prone to bone fractures due to weakening bones, thereby driving demand for K-wires and associated fixation devices and fuels growth of the market.
Kirschner Wire Market Key Market Drivers:
Kirschner wires, also known as K-wires, are commonly used in numerous orthopedic procedures such as repairing fractures and reconstructive surgeries. There has been a rise in the number of road accidents, sports injuries, and age-related bone disorders which has led to a surge in orthopedic surgeries. According to statistics, over 35 million bone fractures occur annually worldwide which is expected to drive the demand for Kirschner wires in the coming years.
Kirschner Wire Market Key Market Restrain:
Medical devices including Kirschner wires are subject to strict quality standards and approval procedures set by regulatory bodies to ensure patient safety. For instance, in the U.S. the FDA regulates all Class II and Class III medical devices. The approval process involves thorough product testing and clinical trials which makes it capital intensive and time-consuming for manufacturers. Additionally, any changes post-approval also need regulatory clearance. Stringent norms can delay the launch of new and advanced K-wire designs in the market.
Kirschner Wire Market Key Market Opportunity:
Many developing Asian and Latin American countries have emerged as top destinations for medical tourism due to availability of quality healthcare at lower costs. Procedures like orthopedic surgeries are widely sought after globally. This presents a lucrative opportunity for K-wire providers to expand in emerging markets and cater to the growing medical tourism industry. Local manufacturing and partnerships with hospitals can help companies capitalize on this opportunity.
Kirschner Wire Market Key Market Trends:
3D printing is revolutionizing the medical device sector by allowing for patient-specific customization. Researchers are exploring the potential of 3D printing techniques to fabricate Kirschner wires based on individual fracture geometry and bone structure. This could enhance fixation and aid faster healing. The personalized K-wires designed using 3D printers may have wider holes for inserting guide wires as well. The trend towards customized implants crafted through 3D printing is expected to significantly influence the Kirschner wire market landscape in the forthcoming years.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it